The Nigerian National Petroleum Company (NNPC) Limited and the Dangote Petroleum Refinery have committed to fostering mutually beneficial partnerships and healthy competition aimed at enhancing Nigeria’s energy security. This pledge emerged during a recent meeting between Aliko Dangote, president of the Dangote Group, and Bayo Ojulari, NNPC’s group chief executive officer (GCEO), in Abuja.
In an official statement released on Thursday, NNPC emphasized that both parties will work collaboratively to support the nation’s energy landscape while promoting shared prosperity for the Nigerian populace. Dangote expressed his willingness to collaborate with the new NNPC management, underscoring the importance of securing the country’s energy future.
“There is no competition between us; we are not here to compete with NNPC Ltd. NNPC is an integral part of our business, and we are also part of NNPC. This marks a new era of cooperation between our two organizations,” Dangote asserted during the meeting.
He congratulated the NNPC GCEO and his management team on their “well-deserved appointments” and acknowledged the considerable challenges that lie ahead. However, Dangote voiced confidence in their ability to address these challenges effectively.
In response, Ojulari assured Dangote that their partnership would thrive on fair competition and meaningful collaboration. He expressed admiration for the high-caliber talent within NNPC, describing its workforce as dedicated, skilled, and committed to creating value for Nigeria.
He further emphasized NNPC’s dedication to promoting national prosperity through innovation and a shared vision, affirming that the company would sustain its partnership with the Dangote Group, especially in areas that benefit Nigeria’s commercial interests.
Despite their recent disagreements over crude oil supply and petroleum product pricing, both entities are striving for a cooperative approach. Tensions flared when, following the launch of a naira-for-crude oil initiative on October 1, 2024, the NNPC suspended the program until 2030 after forward-selling its crude oil. This left Dangote Refinery briefly halting its naira-based petroleum sales as well.
On April 9, the federal government announced the continuation of the naira-for-crude oil deal, leading the Dangote refinery to reduce its petrol price at the gantry to N865 per liter, with key partners lowering pump prices to N890 per liter in Lagos.
The ongoing collaboration between NNPC and Dangote signals a significant step towards stabilizing Nigeria’s energy market and ensuring sustainable development in the petroleum sector.